Level 26
Level 27

Indicators of Economic Performance


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Gross Domestic Product (GDP)
the total market value of all final goods and services produced in a country in a given year
C
consumption
I
investment
G
gov spending
price index
a general measure of prices in the economy
economic growth
growth is a goal, an increase in GDP
unemployment
do not have a job but looking for a job
unemployment rate
the percentage of the total number of people in the labor force who are unemployed
frictional unemployment
happens voluntarily, refers to friction in peoples lives
structural unemployment
ones skills are no longer needed in the economy
cyclical unemployment
happens when economy does badly
inflation
a general rising level of prices in the economy
demand pull inflation
caused by changes in demand (demand inflation); shortage; from changes in consumers
cost push inflation
caused by changes in supply (supply inflation); surplus; from changes in suppliers
Level 28